Dr Samuel Nzekwe, a former president of ANAN, has commended the FG for suspending the implementation of the 0.5 per cent cybersecurity levy on electronic transactions recently introduced by the Central Bank of Nigeria, CBN
Nzekwe, a former President, Association of National Accountants of Nigeria, ANAN, gave the commendation in an interview on Friday in Ota.
It was recorded that CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime, Prohibition, Prevention, etc. Amendment Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.
The Federal Government had recently asked the CBN to suspend the implementation of the cybersecurity levy policy and ordered a review.
READ ALSO: New accounts: CBN ban on Opay, Palmpay, and others triggers customers anxiety
Nzekwe said that suspending the cybersecurity levy would bring relief to Nigerians, as banks were already imposing different charges on customers.
The former ANAN president noted that there were numerous “seen and unseen” charges that banks were charging on various transactions which could not be explained
The financial expert who noted that the situation had continued to have adverse effects on deposits, advised banks to be transparent in their dealings with depositors.
Nzekwe added that for the timely intervention of the Federal Government, implementation of the policy would have compounded the disposable income of the people aftermath of the fuel subsidy removal.
Credible News.ng
